North Country Gold Corp. Closes $25 Million Common Share and Flow-Through Common Share Bought Deal Financing
09 Marzo 2011 - 10:16AM
PR Newswire (Canada)
EDMONTON, March 9 /CNW/ -- TSX-V: NCG EDMONTON, March 9 /CNW/ -
North Country Gold Corp. (TSX-V: NCG) (the "Company") is pleased to
announce that it has closed the bought deal private placement
financing previously announced on February 15, 2011. The
transaction was led by Canaccord Genuity Corp. and the syndicate of
underwriters included RBC Capital Markets and Byron Capital Markets
(collectively, the "Underwriters"). The Company sold
5,926,000 common shares (the "Common Shares") at a price of C$1.35
per Common Share and 10,494,000 common shares issued on a
"flow-through" basis pursuant to the Income Tax Act (Canada) (the
"Flow-Through Shares") at a price of C$1.62 per Flow-Through Share
for total gross proceeds of C$25,000,380 (the "Offering").
The Underwriters received a cash fee on the sale of the securities
equal to 6% of the aggregate gross proceeds raised in the Offering
and 985,200 broker warrants ("Broker Warrants") equal to 6% of the
aggregate number of securities sold pursuant to the Offering. Each
Broker Warrant shall be exercisable for one common share of the
Company at a price of C$1.47 at any time up to 24 months after
closing. The Company intends to use the proceeds of the Offering
for exploration of the Company's Committee Bay Project located in
Nunavut and working capital. The Common Shares and the Flow-Through
Shares are subject to a statutory hold or restricted period of four
months following the closing date. This news release does not
constitute an offer to sell or a solicitation to buy such
securities in the United States. The securities have not been
and will not be registered under the U.S. Securities Act of 1933,
as amended (the "1933 Act"), or under any state securities laws,
and may not be offered or sold, directly or indirectly, or
delivered within the United States or to, or for the account or
benefit of, U.S. persons (as defined in Regulation S under the 1933
Act) absent registration or an applicable exemption from the
registration requirements. About North Country Gold Corp. North
Country Gold Corp. controls one of the largest under explored
greenstone belts within Canada, and has numerous drill-ready
high-grade gold targets, in addition to those at Three Bluffs. The
gold-rich Committee Bay Greenstone Belt is located approximately
300 kilometers north of Baker Lake within Nunavut Territory,
Canada. North Country Gold Corp. is currently the 100% beneficial
owner of the mineral rights to approximately 557,323 acres (225,569
hectares) of land comprising 216 active mineral claims and 14
mineral leases. North Country Gold Corp maintains an
extensive quality control program in the preparation, shipping and
checking of all samples from the property. The program is
supervised by Peter Kleespies, M.Sc., P. Geol. who is the Qualified
Person as defined by NI 43-101. A detailed description of
North Country Gold's QA/QC program is provided on the Company's
website at www.northcountrygold.com or m.northcountrygold.com on
your mobile phone. North Country Gold Corp. is a member of the
Discovery Group of companies, for more information on the group
visit www.discoveryexp.com On behalf of the Board North Country
Gold Corp. John Williamson, P.Geol President and CEO
This release includes certain statements that may be deemed to be
forward-looking statements. All statements in this release, other
than statements of historical facts that address access to capital,
regulatory approvals, exploration drilling, exploitation activities
and events or developments that the Company expects are
forward-looking statements. In particular, but without limiting the
foregoing, this press release contains statements concerning the
anticipated use of net proceeds of the Offering. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. The intended use of the net proceeds of
the Offering by the Company might change if the board of directors
of the Company determines that it would be in the best interests of
the Company to deploy the proceeds for some other purpose, such as
an acquisition. Factors that could cause actual results to differ
materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continuity of
mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party
opposition, changes in government policies regarding mining and
natural resource exploration and exploitation, and continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially form those projected
in the forward-looking statements. Readers are cautioned not to
place undue reliance on this forward-looking information, which is
given as of the date it is expressed in this press release, and the
Company undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. For more information on the Company,
investors should review the Company's continuous disclosure filings
that are available at www.sedar.com. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/March2011/09/c9396.html
pon North Country Gold Corp., please visit the Corporation's
website: a
href="http://www.northcountrygold.com"www.northcountrygold.com/a,
or contact:/p pBrian Buddbr/ Director of Corp. Developmentbr/
Email: a
href="mailto:brianb@northcountrygold.com"brianb@northcountrygold.com/abr/
Tel: 604-646-4525/p
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